Daily Forex Update: CHF/JPY

By: Dima Chernovolov

Autochartist recently identified the uniform Falling Wedge chart pattern on the daily CHF/JPY charts. Autochartist rates the Quality of this chart pattern at the 5 bars level – which is the result of the low Initial Trend (3 bars), above-average Uniformity (6 bars) and lower Clarity (5 bars). The price is likely to rise to the upper resistance trendline of this Falling Wedge (115.50) in the coming trading sessions.

The bottom of this chart pattern formed when the price reversed up sharply from the strong long-term support level 112.00, which has been steadily reversing this currency pair from the start of 2014, as can be seen from the weekly CHF/JPY chart below. The proximity of the support level 112.00 heightens the probability the pair will continue to rise inside this Falling Wedge in the coming trading sessions.

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